Why a $900,000 Lake Placid Home Can Sit Longer Than a $1.2 Million One

Second-home buyers searching in Lake Placid, New York, often assume that a higher price means a slower sale. Recent market data tells a different story. According to Chase Jermano of Tina Leonard Real Estate, LLC, two price bands in Lake Placid are moving within weeks, while the ranges on either side of them are sitting for months, and in some cases for years.

Jermano reviewed Lake Placid market data ahead of his interview. He focused on the town because it is typically the first place second-home buyers look before expanding their search to nearby communities such as Wilmington, Keene, and Jay.

Where Buyers Are Competing Hardest

The strongest competition is concentrated in two ranges: $500,000 to $750,000, and $1 million to $1.5 million.

“The hardest competition right now is the $500,000 to $750,000 band, and then the $1 million to $1.5 million band, because those still move fast,” Jermano says.

Homes in the $500,000 to $750,000 range have a median of 18 days on market. Homes between $1 million and $1.5 million are moving even faster, with a median of about 12.5 days.

For buyers shopping in either band, those timelines leave little room for extended deliberation. A buyer who plans to see a property twice or wait for a second weekend visit may find the home under contract before they return.

The Price Ranges Where Homes Are Sitting

The picture looks different in the bands between and above them. Homes priced from $750,000 to $1 million, and from $1.5 million to $2.5 million, have median days on market of roughly 80 to 95 days. Some properties in those ranges have been listed for well over a year, and a few for close to three years.

Jermano is careful not to draw too broad a conclusion from that. He notes that some of the slower-moving homes may be held back by location rather than price band alone. “This might just be location for these ones, because they’re just not in a good spot,” he says.

He also sees buyers taking more time with large purchases. “People are getting more selective,” Jermano says. “It’s likely based on the economy, as it is currently decreasing buyer purchasing power.”

Price Relative to Condition

When a property sits, Jermano says the reason is usually straightforward. “I’d say 90 percent of the time it comes down to price, relative to the condition,” he says.

Homes that need work tend to stay on the market unless they are priced low enough to justify the extra investment for a buyer. Location can play a role too. Jermano describes one current listing where the owners updated nearly every detail of the home, yet its position directly on a busy road has slowed interest. “I think the road is just killing it,” he says. In cases like that, the price has to reach a point where a buyer decides the tradeoff is worth it.

Road access is less of a factor across most of the area, Jermano says, though it can matter more in Keene.

When Buyers Look Beyond Lake Placid

Price is also what leads many second home buyers to widen their search. Jermano says Wilmington can offer a bit more home than Lake Placid for a similar budget, though prices there are not dramatically lower. In Jay, the difference is larger.

“Your money goes a lot further,” Jermano says of Jay. Buyers there can find homes between roughly $250,000 and $400,000 and still reach Whiteface Mountain with a somewhat longer drive.

What the Numbers Mean for Buyers and Sellers

For buyers, the fast-moving bands reward preparation: financing in place, clear priorities, and readiness to act when the right property appears. The slower bands may allow more time to evaluate a home. Before making an offer, it helps to understand why a home has been sitting, whether that is price, condition, or location.

For sellers, price relative to condition carries more weight than the price band itself. A well-positioned home in a slower range can still sell, and a home in a fast-moving range can stall if its price does not reflect its condition.

Buyers and sellers who want a closer look at local conditions can review the Lake Placid market snapshot or browse available Adirondack listings.

Chase Jermano is a licensed real estate agent and broker at Tina Leonard Real Estate, specializing in waterfront, second-home, and investment properties across the Adirondacks, including Lake Placid, Keene, and the surrounding region.

This article is intended for informational purposes only and does not constitute legal, financial, or investment advice. The views and opinions expressed herein reflect those of the individuals quoted and do not represent an endorsement of any company, product, or service mentioned. Readers should conduct their own due diligence and consult qualified professionals before making any investment decisions.